All posts tagged Geithner

Ever since Xi Jinping formally took office as president in March, foreign officials have been trying to figure out who would be the Chinese government’s main liaison on economic issues. That was the role played during the past few years by Politburo member and Vice Premier Wang Qishan, who had deep experience in financial and economic issues and broad contacts with Western officials.

Mr. Wang represented China in negotiations with Treasury secretaries and finance ministers, who counted on him to explain China’s thinking on economic issues and to explain their views in the highest council’s of Beijing. But after the 64-year-old was promoted to the Politburo Standing Committee, China’s ruling body, and given the portfolio of rooting out corruption, he was considered too senior to negotiate any longer with a U.S. Treasury Secretary. Essentially, he was promoted out of his job.

After some weeks of indecision, China has appointed a new vice minister, Wang Yang, to the role of interlocutor. Read More »

Treasury Secretary Tim Geithner’s speech Thursday in San Francisco was designed to be a preview of key concerns he’ll address next week in Beijing during the fourth round of the U.S.-China Strategic and Economic Dialogue, the three-year-old forum for the two countries to discuss economic and security issues.

It could also be read as a preview of the Obama administration’s defense against criticism (regarding its engagement with China) during the presidential race over the next six months. Read More »

Beijing must have enjoyed swapping the hot seat with Berlin at the Group of 20 summit in Mexico City this weekend. China’s exchange-rate policy had long been a regular source of contention at meetings of the world’s leading advanced and developing economies. But this time the yuan got a pass and, instead, Germany faced a mounted campaign for it to bulk up Europe’s bailout funds. Read More »

Here is the official Treasury Department transcript of remarks U.S. Treasury Secretary Timothy Geithner was scheduled to deliver Friday at the Group of 20 nations seminar in Nanjing on the international monetary system:

Statement by Secretary of the Treasury Tim Geithner at the “High-level Seminar on the International Monetary System”

3/30/2011

Nanjing, China

March 31, 2011

Remarks as Prepared for Delivery

I welcome this seminar on reform of the international monetary system. This is a good time to assess the strengths and limitations of the current system, because the world economy is going through very substantial changes.

Treasury Secretary Timothy Geithner told theSenate Finance Committee today that growing inflationary pressures in China would help U.S. competitiveness because companies and investors now have to factor in rising costs in China when making business decisions.

U.S. Treasury Secretary Timothy Geithner traveled Monday to Sao Paolo, where he asked Brazilian officials to help pressure China to let the Yuan appreciate. On Asia Today, WSJ’s Jake Lee and Asia Pacific Finance Reporter Alison Tudor discuss the news and examine how the economies of Brazil and China intertwine.

A list of what the Wall Street Journal’s reporters in China are reading and watching online, periodically updated throughout the day. (NOTE: WSJ has not verified items in the ‘News’ section and does not vouch for their accuracy.) Last updated: 7:56 pm Beijing time.

A batch of ceramic sunflower seeds from Chinese artist Ai Weiwei’s installation at London’s Tate Modern will be auctioned off at Sotheby’s next month, the Telegraph reports. Estimated price? $130,000-$190,000 for 100 kilograms.

Excessive military control of airspace is to blame for increasing flight delays in China, a civil aviation expert tells Global Times: “The number of airplanes in China increases by 20% every year, but airspace has only increased by 1%.”

Expert Insight

New rules on labor negotiations in southern China offer a potential solution to the country's growing problem with labor unrest while at the same time illustrating the difficulty the Communist Party faces in effectively addressing workers’ grievances.

For much of the last half-century, changing China through economic reform seemed to make far better sense than transforming the country through political revolution. Xi Jinping is trying to flip that on its head.

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